Continental Resources CEO urges OPEC, shale oil output cuts

OPEC and U.S. shale producers should reduce crude shipments into an oversupplied market, Continental Resources Chief Executive Harold Hamm said on Tuesday, as Iran sanctions and the U.S.-China trade dispute has roiled the market.

Hamm, who heads one of the largest U.S. shale companies, urged energy producers to curb spending and production, echoing his position two years ago when cuts by the Organization of the Petroleum Exporting Countries (OPEC) paved the way for greater U.S. shale output.

In comments that touched on oil demand, U.S. trade with China, and production hedging, Hamm said at the EnerCom energy conference in Denver, Colorado, that he expected OPEC and its allies to further cut output.

U.S. shale producers “need to row our own boat,” he said. “We need to make sure we don’t oversupply the market.”